Cryptocurrency exchange platform Coinbase announced on Tuesday it has acquired blockchain intelligence platform, Neutrino. Founded in 2016, Neutrino stated it is focused on developing a comprehensive platform for analyzing, tracking, and investigating bitcoins’ blockchain and other virtual currencies.
“Using proprietary technologies, Neutrino develops solutions for monitoring, analyzing, and tracking cryptocurrency flows across multiple blockchains, providing actionable insight on the whole cryptocurrency ecosystem.”
Coinbase reported that Neutrino will help it prevent theft of funds from users’ accounts, investigate ransomware attacks, and identify bad actors. The platform will also help Coinbase bring more cryptocurrencies and features to more users while helping ensure compliance with local laws and regulations. The Coinbase team stated:
“Neutrino’s technology is the best we’ve encountered in this space, and it will play an important role in legitimizing crypto, making it safer and more accessible for people all over the world.”
The Neutrino team also commented:
“Over the past 3 years, we’ve created one of the best platforms available for the analysis, investigation and identification of illegal cryptocurrency transactions on different blockchains and within smart contracts. As Coinbase continues building out more products and services, Neutrino technology and expertise will be used to improve compliance processes, trustworthiness and transparency, as well as to better protect the end-to-end integrity of customers’ cryptocurrency transactions as much as possible.”
The Neutrino team went on to that the platform will continue to operate as a standalone business and will keep its current sector focus to maintain and expand relationships with customers around the world.
“We decided to join Coinbase because we’re totally aligned with the company’s mission of building an open financial system and we believe that our expertise will play a vital role. We share the same commitment to regulation, compliance and security in the cryptocurrency space.”